The UAE has formalised Comprehensive Economic Partnership Agreements (CEPAs) with 24 nations, with six currently active, as shared by Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade.
These agreements focus on reducing or removing customs duties and tariffs to encourage trade exchanges and strengthen economic ties between partner countries.
Speaking at the inaugural Abu Dhabi Business Week, Dr. Al Zeyoudi highlighted the contribution of these agreements to the UAE’s record-breaking non-oil trade performance.
He said that their vision for 2031 prioritises trade, with ambitious goals of achieving AED 4 trillion in non-oil foreign trade and AED 800 billion in exports within the next seven years. Since last year, they have finalised free trade deals with 24 countries, six of which are fully operational, including key partners like India and Turkey. These agreements have opened up market access to nearly a quarter of the global population. Additionally, the UAE recorded AED 1.39 trillion in non-oil trade during the first half of this year, reflecting an 11.2 percent growth compared to the same period last year.
Dr. Al Zeyoudi emphasised the UAE’s economic resilience and growth, noting that the country’s economy has expanded significantly over the past five decades with GDP, foreign direct investment, and trade surpassing global trends.
In a challenging global economic environment, the UAE continues to thrive as a hub for growth and opportunity. He attributed this success to strategic resource management, with investments channelled into social, industrial, and educational advancements.
The UAE’s development strategy revolves around three key areas: trade, technological advancement, and strategic investments. Collaborative efforts with international partners, academic institutions, and businesses play an integral role in driving these priorities forward.
Dr. Al Zeyoudi shared that non-oil exports for the first nine months of this year had already exceeded last year’s totals. They’ve seen a 25 percent rise in non-oil exports, reaching AED 265 billion. By the end of September, these figures had already surpassed those recorded for the entirety of last year.
Original article reference: Khaleej Times.
